Details of how much IRG paid for various financial planning firms have been revealed in its annual report. The company purchased the customer database of Phillip King's Ellerie Cornwall business in September for $524,147. The transaction was settled by cash and the issue of $150,000 shares.
In the deal the shares were issued at 9.6c each. The last trade in the shares was at 2.4c.
IRG earlier in the year bought Equity Investment Advisers and MoneyOnLine from Dorchester for $1.76 million. This deal was settled by a vendor loan and prepaid revenue in advance, plus cash. The loan and the prepaid revenue were both for $425,000 each.
Financial Awareness Week
This week is the start of Financial Awareness Week.
It is being held to create debate about the levels of financial literacy in New Zealand and to educate Kiwis about the need to become financially aware.
It has also garnered support and contribution from many of the top financial positions in the country, including: Simon Power - Minister of Commerce; Lianne Dalziel - chair of the Commerce Select Committee; Jane Diplock - chair Securities Commission; Diana Crossan - Retirement Commissioner, and; Lyn McMorran - IFA president.
Super survey shows currency matters
The NAB and BNZ Superannuation FX Survey showed currency was they key concern for the majority of respondents.
Super funds are now taking currency management very seriously, with 85% of respondents ranking currency as an important or very important issue.
The dramatic swings in the New Zealand dollar means that decisions on how to manage currency risks had a significant impact on superannuation returns.
However, despite the increased focus, the survey showed super funds haven't materially changed the way they think about currency benchmarks, in comparison to their trans-Tasman counterparts. Only 42% of NZ funds changed currency benchmarks over the course of the year, compared with 61% of Australian funds.
Russell goes responsible
Russell Investments has signed the United Nations' Principles for Responsible Investment, reinforcing the company's commitment to environmental, social and corporate governance (ESG).
The principles are a voluntary set of global best practices and provide aspirational guidelines to help investment institutions incorporate ESG issues into financial analysis, investment decision-making and ownership practices.
"Russell became a Un PRI signatory in recognition of the increasing widespread client demand for strategic advice and solutions that take into account ESG considerations," president and CEO Andrew Doman said.
As part of its commitment, Russell has also formed the Russell sustainability Council, under which the company plans to incorporate ESG considerations into manager research and product development.
New site for accountants
Accountants in New Zealand now have a new site for news and information about their profession. The site www.netprophet.co.nz is modelled on Good Returns and provides accountants with up-to-date information on tax and accounting issues, along with a diary of events, People section, practice management and investment news.
If you know of or work with any accountants please let them know about the site. You can sign up to the site's Weekly Prophet newsletter here
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